Kodak Is Jumping Into The Cryptocurrency Frenzy

Kodak'sshare price almost doubled, to $6.02, in midday trading Tuesday.

Eastman Kodak has gotten a lift after announcing an effort that uses the hot cryptocurrency technology to help photographers get paid.

Several other companies in recent weeks have been rewarded with sharp rises in share price after announcing their transformation into cryptocurrency businesses.

Kodak's CEO says the move is less about joining bitcoin and other companies in a trending field and more about helping those in the photography industry take control of their work.

Kodak has become just the latest brand name company to jump on the crypto trend to send its stock soaring.

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The platform will continually crawl the web to "monitor and protect the IP" of images registered through the system. KODAKCoin will be used for transactions when photographers license their work. It can be hard for collectors to verify the authenticity of a piece of art, especially those bought online. The site sells some works of art for more than $100,000, and it depends on its blockchain to collect payment and to offer a record of ownership. In partnership with Wenn Digital, Kodak on Tuesday announced the launch of the KodakOne image rights management platform and KodakCoin, a photo-centric cryptocurrency created to "empower photographers and agencies to take greater control in image rights management".

KodakCoins will go on sale January 31 via a fundraising technique called an initial coin offering, through which the company will sell a set amount of coins.

The stock was up 121pc at $6.80 on the New York Stock Exchange. However, such alternative cryptocurrencies sometimes see their value spike as investors look to turn a profit on the hype around new coins.

WENN Digital belongs to WENN Media, which provides photos to websites and media.

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